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CryptoBuyer to deploy first bitcoin ATM in Venezuela

January 21, 2019

CryptoBuyer, a cryptocurrency ATM provider, plans to install Venezuela's first bitcoin ATM in Caracas. The government of Venezuela is currently trying to push its own cryptocurrency, Petro, backed by oil reserves, according to a report by AMB Crypto.

Customers will be able to put cash into the ATM and transfer the value directly into their cryptocurrency wallets. The company is aiming to educate the public on how to use bitcoin.

Currently, many Venezuelan citizens are skeptical of Petro, due to a lack of oil the cryptocurrency is linked to. The government has announced it plans to raise the value of Petro to 36,000 sovereign bolivars to compete against the U.S. dollar.